5 Best International Money Transfer Apps in Malaysia

International money transfer apps are becoming increasingly popular. Whether it’s sending money to family abroad for gifts, payments for tuition, or even payments to foreign contractors. The popularity of these apps is mainly due to their ease of use and relatively low cost, as they are often cheaper than traditional banks.

In this review of the 5 Best International Money Transfer Apps, we give an overview and explore the pros and cons of each app, as well as the services they offer, available currencies, fees, and more, to help you decide which app is best suited to your needs.

1. CurrencyFair: Offers low fees and exchange markups. It features a unique and innovative exchange marketplace where users can match their ideal exchange rates.

2. Wise: Simplicity and transparency are two of Wise’s key features. This, along with their exceptional security and exchange rate locking has made Wise an increasingly popular choice.

3. WorldRemit: With a reputation for low fees, speedy transfer times, and outstanding customer service, WorldRemit has become one of the top international money transfer services in the world.

4. PayPal: One of the first of the new generation online money transfer services, PayPal is well established and trusted by millions of users, as proven by the nearly 9 million combined App store and Play store reviews. Its easy-to-use interface and near-instant transfers have cemented PayPal’s popularity.

5. Western Union: Pioneer and leader in the international wire transfer industry for more than 150 years with a reach of more than 500,000 agents worldwide. The service is an extremely popular choice for cash pickup transfers.

*The aim of this article is to provide an objective comparison between providers by using freely available information from the Apple App Store and Google Play Store. The scores were taken from the App Store and Google Play Store on 16 September 2022.

1. CurrencyFair

Fees and exchange rates: 2.50 GBP + 0.45% exchange markup

Safety: Regulated by the Central Bank of Ireland. Uses transaction tracking, strict account verification, and monitoring.

Speed: Transfer within 1 - 5 business days

Customer reviews: 4.7/5 from 250 reviews on Apple App Store, 3.6/5 from 778 reviews on Google Play Store.

CurrencyFair has been in the international money transfer industry for over a decade, but the company has gone largely unnoticed compared to the more popular apps in this article. However, the Dublin, Ireland-based service is growing in popularity due to their low exchange fees, zero transaction cap, and innovative peer-to-peer exchange marketplace upon which the company is built.

This marketplace allows users to set their desired exchange rate for a certain currency, then wait for a seller to match that rate. The process is completely transparent, with no hidden costs, so users know exactly what they are paying before they complete a transaction. While this can lead to fairly big savings, it requires patience.

Those who don’t want to wait can always choose the current best rate on the marketplace for immediate transactions. To some, the marketplace may feel a little gimmicky, but the concept is solid and has a lot of potential.

Advantages of sending money with CurrencyFair

• Very good exchange rates: CurrencyFair charges a mere 0.45% exchange markup.

• Send money to nearly every country in the world: Provides transfers to more than 150 countries.

• No transaction limits: No limit on the amount of money that can be sent per transaction or number of transactions (within local regulations).

• Peer-to-peer exchange marketplace: Lets users choose, set and track their preferred exchange rate by matching with other users who want to buy the currency at that particular rate.

• AWS security built-in: Hosted on the AWS cloud platform which is known for its high levels of security.

Disadvantages of sending money with CurrencyFair

• Supports only a handful of currencies: No transfers can be made in Malaysian Ringgit

• Users in many countries in Africa, the Middle East, and Asia can’t open accounts

• No cash send option: Can only transfer funds to a bank account

• Exchange marketplace may take a long time to match: Affected by currency demand and exchange fluctuations.

The user interface is clean and relatively straightforward, especially at the start of setting up a transfer. However, the complexity and options increase as the user progresses through the app, making the text on certain pages quite small. This may cause difficulty for those with visual impairments.

2. Wise

Fees and exchange rates: 2.19 MYR + 0.61% of transaction value

Safety: Dedicated anti-fraud team, real-time account activity notifications, two-factor authentication, 3D Secure verification.

Speed: Transfer within one business day

Customer reviews: 4.6/5 from 259,000 reviews on Apple App Store, 4.2/5 from 216,000 reviews on Google Play Store.

Formerly known as TransferWise, Wise was founded in 2011. Since then the service has grown significantly in popularity due to its low fees, user-friendly features, and focus on transparency.

One of the unique features is Wise multi-currency account which allows users to hold many different currencies in the same account. The multi currency account works with a linked debit card that you can use to spend local currency wherever you are. Learn more about Wise debit card here.

Wise is also known for its dedicated anti-fraud team, transaction security and data protection measures that allow users to send and receive money with ease and comfort.

Advantages of sending money with Wise

• No hidden charges: All fees are shown up-front so users know exactly what they are paying before making the transaction.

• Near instant transfers: 45% of transactions are instant

• Very easy to use: simple and user-friendly interface

• Multi-currency account: Can hold more than 50 currencies at the same time. Get local bank account details in 10 currencies (including EUR, USD, GBP and MYR).

• Advanced security: Wise uses state-of-the-art transaction and data protection methods to protect transactions and data from malicious interference.

Disadvantages of sending money with Wise

• No cash pickup option: Money can only be sent to a bank account

• Variable fees: Fees may vary from country to country

• Only online: No option to send money from a physical location, requires internet access

Wise is known for its great user experience, especially on mobile. The interface is clean, clear and intuitive, and free from unnecessary clutter. This makes the app easy to use and speeds up the transfer process.

3. WorldRemit

Fees and exchange rates: 5 MYR per transaction

Safety: A strict verification process and dedicated teams that monitor for unusual account and transaction activity.

Speed: Transfer within 1 business day.

Customer reviews: 4.8/5 from 146,300 reviews on Apple App Store, 4.3/5 from 122,000 reviews on Google Play Store.

Since its inception in 2010, WorldRemit has been fulfilling co-founder Ismail Ahmed’s dream of sending money overseas without paying a fortune. In just over a decade, WorldRemit has grown to serve more than 5.7 million people to send money to nearly 130 countries, using 70 different currencies, becoming one of the leading foreign remittance services in the world.

The company’s rise in popularity is no surprise considering its quick, one-day transfers, affordable transfer fee, and favorable foreign exchange rates.

Customers in Malaysia can transfer up to 14,500 MYR per day using the company’s desktop, iOS, or Android apps in six different languages, including English, French, German, Spanish, Dutch, and Danish.

Advantages of sending money with WorldRemit

• Low fees: Offers the low fees and favorable exchange rates

• Fast transfer times: The recipient gets their money within one day.

• User-friendly interface: The interface is simple and intuitive and guides customers through the transfer process with clarity.

• Transaction tracking: Customers can track the progress of the transfer via the mobile app.

• Many transfer options including bank transfer, cash pickup, mobile money, and Airtime Top up.

Disadvantages of sending money with WorldRemit

• Account verification issues: Some customers commented that they have experienced difficulty verifying their accounts.

• Not all delivery methods are available in all locations: Some countries only have access to one delivery method.

WorldRemit has a very simple and user-friendly interface on all platforms, including desktop and mobile. The interface guides you through the transfer process clearly and without the distraction of too many choices.

4. PayPal 

Fees and exchange rates: 2 MYR + 3.5 to 4% conversion rate

Safety: State-of-the-art connection protocols, key pinning on mobile and PCI-compliant data protection, as well as real-time monitoring and account analysis for suspect activity.

Speed: Transfer within one day.

Customer reviews: 4.8/5 from 6.1 million reviews on Apple App Store, 4.4/5 from 2.71 million reviews on Google Play Store.

PayPal is the oldest, and arguably most well-known of the newer generation of international money transfer providers. The success and popularity can be seen in the enormous number of great reviews on Apple’s App Store and Google’s Play store, far outnumbering those of its competitors.

This popularity can be attributed to PayPal’s simple and user-friendly interface, the near-instant speed of transactions, and their almost universal acceptance in markets across the globe.

The company’s popularity has also made it a target for scammers, but PayPal’s top-level, cutting-edge safety and security measures give users peace of mind and confidence in the service.

Advantages of sending money with PayPal

• Easy to use: It is very straightforward to send money from one account to another

• Established and trusted service: Has been operating for more than 20 years and has proven to be trustworthy and secure.

• Fast transfers: Transfers between PayPal accounts are almost instant.

Disadvantages of sending money with PayPal

• Need a PayPal account: Both sender and recipient need a PayPal account to be able to send and receive money.

• High transfer fees: Most banks charge an extra fee when withdrawing money from a PayPal account.

• Confusing fees: It can be difficult to tell exactly what fee is charged

• Confusing transfer limits: Users in Malaysia can transfer up to 60,000 USD per transaction, however, it may be limited to 10,000 USD. PayPal doesn’t indicate conditions for when this limit is implemented.

PayPal is very easy to use once you have signed up for the service. The app is straightforward and clutter-free.

5. Western Union

Fees and exchange rates: 5 MYR + currency conversion fee + intermediary bank fee

Safety: Robust security that includes touch ID on mobile, transfer tracking, encrypted transfers, and PCI DSS-level data protection.

Speed: Transfer within 2 business days

Customer reviews: 4.6/5 from 532,000 reviews on Apple App Store, 4.5/5 from 248,000 reviews on Google Play Store.

Established in 1871, Western Union pioneered wire money transfer service and was the first to send money via telegram. More than 150 years later and the company is considered to be one of the largest international money transfer services in the world. They serve more than 150 million customers from its more than 500,000 agent locations, desktop, and iOS & Android apps.

Western Union offers a range of services including money transfers to bank accounts, but it is their cash pickup service that is particularly popular, especially among migrant workers who send money home.

Advantages of sending money with Western Union

• Well established and trustworthy: Western Union has been around for more than 150 years and remains a leader in the international money transfer industry.

• Great for cash pickups: Western Union is especially popular for its cash pickup service, especially in developing countries.

• Massive network: They have more than 500,000 agents in almost every country, making them one of the most accessible remittance service providers in the world.

• No internet access needed: Customers can send money in-person from a Western Union agent.

• Track transfers: Customers can track the transfer process via the Western Union mobile app.

Disadvantages of sending money with Western Union

• High exchange markup and relatively non-transparent fee structure: While the company states a fee upfront, they often also charge an unspecified currency exchange markup on fairly poor exchange rates.

• Very low transfer limit: The 3,000 MYR limit.

• Limited accessibility: Despite their extensive global coverage, some countries may have limited channels for sending and receiving money.

The Western Union app is available on both iOS and Android and works on most modern Desktop browsers. The user interface is fairly easy to use, but it is not always clear and may get confusing for those not very comfortable with technology.

What is the best app for transferring money?

Different apps have different features and you should choose the app with features best suited to your needs. Here’s a brief summary of the five apps listed above:

Conclusion: What is the best app to transfer money insternationally?

In this article, we looked at some of the top international money transfer apps in Malaysia. We explored the services and features that make each app stand out, and what they are most suited to.

It is intended to serve as a guide to help you decide which international money transfer provider is best suited to your needs. Remember, each app may not be for everyone, so always do your own research when deciding which app to use.

To make it easier, Exiap lets you compare providers transparently so that you can make an informed decision when choosing the best international money transfer service for you.